Home improvements are becoming an increasingly popular solution for people wanting to expand their homes. Rather than buying a larger property, people are looking at their own homes and finding ways to extend and expand something that can save money compared to investing in a new home.
The downside to home improvements, of course, is the cost. Home improvement costs can soon spiral, costing you much more than you originally planned for.
To make sure your home improvement project is a success without draining your finances, take a look at these top tips for keeping your home improvement on budget.
#1 Over budget
One of the best ways you can avoid issues is to over budget for your home improvement project. Whatever costs you’ve been quoted, add another 10-15% to your savings pot so that if you should go over, you’ve got a nice cushion that will let you continue worry-free.
It’s much better to over budget than to under budget, and any money you have left over can be used for some furniture or decoration or to treat yourself as a reward for your efforts.
#2 Speak to multiple contractors
Don’t settle for the first contractor you meet; it’s better to speak to several to get quotations – you could find there’s quite a range in the quotes you’ve been given.
Speak to your friends and family to get their recommendations – you might even benefit from a word of mouth discount or discover contractors you weren’t familiar with before.
When it comes to choosing your builder – make sure you get a formal contract drafted up that details the costs with no room for changes.
Builders have been known to hike the price up when the project is underway, so make sure you both know where you stand before the work begins.
#3 Shop around
It’s those little finishing touches that can end up costing you the most money, so don’t let them. Whether you’re buying furniture, paint or fittings, make sure you shop around to help you save.
When you buy plastic access panels next day delivery or other products – make sure you’re getting the best price from your supplier. You might even be able to haggle a discount if you contact them.
#4 Stick to your guns
It’s easy to be swayed one way or another when carrying out home improvement projects. You might be told that for xxx amount of money, you could end up with a bigger space, extra lighting, etc. – but how much difference will it really make to your project?
Don’t be swayed into spending more money than you agreed – this could land you in unnecessary debt when your original plans were just fine. Get your plan together at the beginning of the process and stick to it.
Large-scale home improvements require a lot of work, and even though you could save money compared to buying a new home – there could be other factors to consider in regarding relocation. Be sure to weigh up the pros and cons of your project before you get started to make sure your home improvement project is the right move for you.
So what are you doing to keep home improvement budget down?